Executive summaryOn 11 December 2021, United States (US) Senate Finance Committee Chair Ron Wyden released updated text of the Finance Committee's title of the Build Back Better Act (SFC Proposal). The updated text largely retains the international tax proposals from the version of the Build Back Better Act passed by the House (House Bill) (see EY Global Tax Alert, US: Latest version of Build Back Better proposal would modify international tax proposals in House Ways and Means bill, dated 10 November 2021) but includes some significant technical changes to these rules. In this Alert, EY shares its first impressions of the SFC Proposal.Detailed discussionInterest expense limitationsThe...